Optima Bank continues growth, expansion plans New stock offering

Tuesday

Apr 24, 2012 at 3:15 AMApr 25, 2012 at 7:59 AM

PORTSMOUTH — Optima Bank & Trust continued to be New Hampshire's fastest growing bank for the fourth year in a row, Daniel R. Morrison, the bank's president and chief executive officer, told shareholders at last week's annual meeting, where he announced there also has been "significant interest" in the bank's just-launched common stock offering.

The "limited time opportunity" to buy shares at $16 per share will be closed when Optima receives subscriptions for 400,000 shares, he said.

"The year 2011 was the fourth straight year of strong growth and record profits for Optima," Morrison said. "Our outlook for the future continues to be very positive. This stock offering will provide capital to fuel continued growth and expansion." He noted Optima, which has had strong growth across the board in assets, income, loans, revenue and capital, has plans to open another branch in late 2012.

"In 2011, we saw a 55 percent growth in revenue," he said. "And we had a dramatic 94 percent increase in income to just over $1 million, which was nearly double from the previous year."

Assets grew more than 23 percent in 2011 to $193.5 million, the fastest growth rate of all New Hampshire banks. Loans were up more than 25 percent to $143.1 million, deposits saw a 28 percent increase to $177 million and total revenue was $6.9 million up from $4.4 million in 2010. "In the last four years, the bank has invested more than $200 million in the New Hampshire Seacoast economy, financing hundreds of businesses and worthwhile real estate projects," Morrison said.

Optima's Portsmouth office also grew its deposit market share "faster than any other bank in the city," he said. With $109.2 million in deposits, it is the fourth largest of 19 bank branches.

At the same time, Optima Bank's North Hampton branch's deposits were at $53.9 million only two years after opening and the bank's newest branch, in Stratham, has grown to $13.9 million in deposits in less than six months of business.

"We have gained significant market share in each of our communities, as well as considerably beyond those areas," he said. "Our growth truly is a testament to the exceptional service we provide every day to our customers."

Morrison opened the bank in January 2008, just before the recession officially started. He said then bank consolidation had left a void in commercial lending and saw a need for the personal service community based banks used to provide. Optima's success has proved him right, he said, and it will continue to maintain its focus on commercial lending and residential mortgages it holds and manages.

He said the area weathered the recession better than most places and he sees the economy continuing to improve.

For more information, visit the Optima branches at Two Harbour Place in Portsmouth (603-433-9600), 26 Lafayette Road in North Hampton (603-433-9633) and 17 Portsmouth Avenue, Stratham (603-773-5222) or the website at www.optimabank.com.